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first_imgAttachment: ETC / European Tourism – Trends & Prospects Quarterly Report 3/2020 “The second wave of the Covid-19 pandemic is hitting Europe on the eve of the winter season, and it is now more important than ever for European countries to join forces to agree on common solutions, not only to curb the spread of the virus but also to support sustainable tourism recovery. passengers and most importantly protect millions of businesses, jobs and businesses that are at risk so they can survive the economic downturnSantander pointed out. Trend and opportunity to redefine the tourist product. To what extent Croatia understands this and is working on it, we will find out soon. The Covid-19 pandemic also affects destination choices in certain European countries. The summer season has shown a significant increase in those who want to travel to rural and coastal places, apparently as a result of concerns about visiting highly populated urban areas, where it is more difficult to practice social distancing. A new increase in Covid-19 cases and the reintroduction of travel restrictions have halted the recovery of European tourism with 68% of international tourist arrivals in Europe, according to data from the European Travel Commission (ETC) for the third quarter of 2020 in the analysis “European tourism: trends and prospects” Read the full report in the attachment. Speaking after the publication of the report, the CEO of ETC Eduardo Santander he said the direction of economic recovery across Europe will depend heavily on the recovery of the tourism sector, a sector that generates close to 10% of EU GDP and occupies over 22 million jobs. This change in travel preferences can ultimately alleviate the issue of over-tourism (overtorusim) and allow destinations to boost sustainable tourism demand. Increased interest in travel to “secondary destinations” will relieve some popular tourist hotspots that have previously struggled with excessive travel demand and help more evenly spread the economic benefits of tourism in countries. It is the latest forecasts that predict a faster recovery of domestic travel in Europe, exceeding the level from 2019 to 2022. It is also predicted that a faster return of European arrivals by 2023 will be supported by faster easing of travel restrictions and lower perceived risk compared to long-distance travel. It is now predicted that the total volume of travel will increase return to pre-pandemic levels only by 2024. The importance of domestic and intra-European travel should not be underestimated in terms of the role it will play in the recovery of the tourism sector over the coming months, the ETC report emphasizes. Alleviating pandemic restrictions across Europe led to a slight increase in July and August 2020 compared to previous months, signaling people’s enthusiasm and desire to travel again. However, the recent re-imposition of locks and travel restrictions has quickly halted any chance of an early recovery. Looking ahead in the coming months, increased uncertainty and negative risks continue to diminish the outlook for European arrivals, which will decline by 2020% in 61.last_img read more

first_imgHouston-based oil and gas company Talos Energy has made what it claims to be a world class, historic oil discovery of more than a billion barrels, offshore Mexico. The discovery was made at the Zama-1 exploration well in Block 7, operated by Talos which holds a 35% participation interest, with Premier Oil and Sierra Oil & Gas as its partners with 25% and 40% participation interests, respectively.The Zama-1 well is the first offshore exploration well drilled by the private sector in Mexico’s history.According to Premier’s statement on Wednesday, preliminary analysis indicates initial gross original oil in place estimates for the Zama-1 well are in excess of 1 billion barrels, which could extend into a neighboring block; a contiguous gross oil bearing interval of over 335 meters (1,100 feet), with up to 200 meters (650 feet) of net oil bearing reservoir in Upper Miocene sandstones with no water contact; and initial tests of hydrocarbon samples recovered to the surface contain light oil, with API gravities between 28° and 30° and some associated gas.The well spudded on May 21, 2017, utilizing the Ensco 8503, a moored floating drilling rig. Located in 166 meters (546 feet) of water and approximately 60 kilometers (37 miles) offshore Dos Bocas, it has reached an initial shallow target depth of 3,383 meters (11,100 feet). The operator is currently setting a liner to protect the discovered reservoirs, prior to drilling deeper exploratory objectives to a total vertical depth of approximately 4,200 meters (14,000 feet).Tim Duncan, Talos President and Chief Executive Officer, said: “This is both a historic and significant discovery, and we could not be more proud of the highly skilled personnel from Mexico and the US who have been working together in a safe and efficient manner to make it a reality.”Duncan also added: “We are eager to begin appraising this discovery and drilling more unique opportunities. The future is bright for offshore Mexico for years to come.”Tony Durrant, Premier Oil Chief Executive, commented: “We have encountered a very substantial oil bearing interval which indicates over 1 billion barrels of oil in place, a commercial standalone development which adds materially to Premier’s portfolio of assets worldwide. It is particularly pleasing that our strategy of focusing our exploration portfolio on high impact opportunities in proven but under-drilled basins has led to this world class discovery with our first well in Mexico.“The oil discovered in the Zama-1 well is an extremely important event for Premier, the joint venture and for Mexico and we look forward to working with the Government and our partners to realizeu the full potential of this exciting discovery.”last_img read more